Rental commitment policy for customers buying Soho townhouses

Committed to delivering exceptional value for customers purchasing Soho townhouses in Global City, Masterise Homes introduces an innovative rental commitment program: “GUARANTEED RENTAL AT DISTRICT 1 EQUIVALENT RATES,” exclusively available for SOHO units. This article provides a comprehensive overview of The Global City project’s rental guarantee policy.

1. Eligible Products — Soho Townhouse Rental Commitment Policy

This program applies to garden townhouses within the SOHO subdivision of The Global City Urban Area Project, located in An Phu Ward, District 2 (now Thu Duc City), Ho Chi Minh City, Vietnam.

2. Eligible Transactions for the Lease Commitment Program

i) Twenty transactions completed and successfully registered by individual customers prior to June 1, 2023, converting to successful purchases of Soho Townhouses in The Global City subdivisions LK3, LK4, and LK7, will be eligible to participate in the investor’s rental commitment program, provided they meet the basic completion requirements for housing as outlined in Section 3 below:

LK3 (Zone A): LK3-02
LK4 (Zone B): LK4-02, LK4-03, LK4-04, LK4-05, LK4-14, LK4-15, LK4-16, LK4-22
LK7 (Zone C): LK7-03, LK7-05, LK7-09, LK7-12, LK7-15, LK7-16, LK7-17, LK7-29, LK7-37, LK7-43, LK7-44

ii) The first fifty transactions successfully completed by individual customers in subdivisions LK1 (Zone A), LK8 (Zone B), LK4 (Zone C), and LK10 (Zone C) between June 1, 2023 and July 31, 2023.

3. Rental Commitment Program Terms

Participating customers may lease their property to the investor under a rental guarantee for a maximum period of 12 months from the date of handover. Under this arrangement, the investor retains full rights to occupy or sublease the property to tenants, including renowned food service and retail brands from Singapore or other third parties. During the Lease Commitment Period, the investor guarantees monthly rental payments to the customer as follows:

150 million VND per month (for units in LK1 subdivision)
100 million VND per month (for units in LK8 subdivision); and
80 million VND per month (for units in LK4 and LK10 subdivisions)

During the Lease Commitment Period, the investor will execute a Lease Contract with the customer and remit Monthly Rent to the customer on a quarterly basis throughout the Lease Commitment Period, regardless of whether the property is occupied or vacant.

Monthly Rent includes personal income tax, which the investor will withhold on behalf of the customer and remit to the tax authority prior to paying the Monthly Rent to the customer. Monthly Rent excludes property insurance fees, common area management fees, and other related expenses that the property owner must bear. For clarity, the property owner shall pay the common area management fee at their own expense during the Lease Commitment Period.

Upon expiration of the Lease Commitment Period, the customer commits to assume and continue the Lease Contract that the investor executed with the tenant, provided that the rental rate shall not be lower than the Monthly Rent. Should the Lease Commitment Period expire without an active tenant, the investor and customer will terminate the executed Lease Contract.

4. Basic Completion Requirements for Lease Commitment Program Participation

To participate in the Lease Commitment Program, customers must complete the property with a basic finishing package with a minimum value of VND 3 billion (“Basic Finishing Package”).

The customer authorizes the investor to select a contractor to provide and complete the Basic Finishing Package.

The investor ensures that customers participating in the program will receive financing from Vietnam Technological and Commercial Joint Stock Bank in an amount at least equal to the value of the Basic Finishing Package to cover the cost of the Basic Finishing Package.

The investor ensures that customers who borrow from Vietnam Technological and Commercial Joint Stock Bank to complete the property in compliance with program requirements will receive 0% interest rate support for loans with a maximum value of VND 3 billion for a period of 12 months from the initial disbursement date, but in no case extending beyond March 31, 2025.

Customers interested in viewing model units or selecting The Global City shophouses in premium locations are invited to contact Saigon Luxury

For customers seeking rental properties, townhouses, or office space at The Global City, please visit our detailed rental program information at https://saigonluxury.com.vn/cho-thue-the-global-city/